Financial Services Cybersecurity Weekly Briefing 8-18-2017

Seventy-four per cent of respondents to a recent EY survey of global executives and IT leaders say that careless employees are the most likely source of a cyberattack. And while 56 per cent of respondents named criminal syndicates as the main source of cyber-attacks, 52 per cent also identified malicious employees as a significant risk. With IT professionals identifying insider threats as nearly as high a risk to those presented by professional cybercrime syndicates, security measures focused at the perimeter of the ecosystem are no longer adequate.

Study: Most Companies Have No Idea How Much a Cyber Attack Could Cost Them

While the math isn’t exact and numbers vary across the board, the consensus is pretty clear: it costs a lot more than these people think. According to one study from Hewlett Packard Enterprise, the average annual losses per US company that experiences a cyber attack is $15.4 million in 2016. Another study from IBM estimated the cost at around $3.62 million in 2017. While this data is far from consistent, one thing is clear: it costs a whole lot more than $500,000.

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